The term used to describe a more realistic conception of human problem-solving that assumes less than perfect analysis is:
a. framing
b. compartmentalizing.
c. countercyclical policy.
d. bounded rationality.
d
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If government expenditure on goods and services increase by $100 billion, then aggregate demand
A) increases by $100 billion. B) increases by less than $100 billion. C) increases by more than $100 billion. D) remains unchanged. E) decreases by more than $100 billion.
The average duration of unemployment
A) decreases during recessions and increases during expansions. B) increases during recessions and decreases during expansions. C) does not vary with the business cycle. D) decreases all the time. E) increases all the time.
The scope of the EITC program changed dramatically in
A. 1963. B. 1983. C. 1993. D. 1996.
If the players in the figure shown act in their own self-interest, then we know that Sarah will earn utility of:
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.
A. 6.
B. 10.
C. 7.
D. 15.